FromTheBoardRoom.qxp_Florida Horse_template 1/14/21 12:23 PM Page 1
From the FTBOA Boardroom Highlights from the regularly scheduled meeting of the board of directors of the Florida Thoroughbred Breeders’ and Owners’ Association held on Dec. 11, 2020, include the following: 1) Due to the uncertainties in the gaming marketplace created by the COVID-19 pandemic, the board considered a proposed addendum to the 2021 Annual Plan for the Payment of Breeder, Stallion, and Stakes Awards, as previously submitted to the Florida Division of Pari-Mutuel Wagering in October 2020. This portion of the meeting was open to the public for observation and comment via Zoom. In the addendum, the FTBOA proposed to re-evaluate its projected awards account balances in the spring of 2021 and, if those balances proved sufficient, to request the Division’s approval of a plan amendment to issue bonuses on previously earned 2021 awards and/or increase the awards rate for the balance of 2021. Such changes might apply to breeder awards and/or stallion awards. After board review and discussion, the board voted to accept the proposed addendum as presented.
answers to board members’ questions, the board voted to accept the Independent Auditors’ Report as presented. This Report was previously presented by the auditors via Zoom to a meeting of the FTBOA executive committee.
18 THE FLORIDA HORSE • FEBRUARY 2021
Matt Bryan (FTBOA lobbyist) regarding the negative impact of the COVID-19 pandemic on the state budget. He also discussed the upcoming legislative session.
6) The board received a briefing from 3) The board received a briefing from CEO Lonny Powell regarding Florida’s 2021 racing programs, Florida-bred purse supplements, and the Florida Sire Stakes program, which was covered in-depth in the Wire to Wire Racing Digest digital edition on Dec. 5, 2020. Powell reiterated the negative impact that the end of horse racing at Calder Race Course would have on awards program revenues. Powell reported to the board that the 2021 Gala will be later in the year, likely July, and will be a virtual, live presentation due to the ongoing pandemic. He noted that the tracks still have limited spectators for racing at this time.
2) The board reviewed a recently issued Independent Auditors’ Report regarding the financial statements of the FTBOA and its subsidiaries for the year ended June 30, 2019, prepared by the accounting firm of Purvis, Gray & Company, a regional accounting firm with offices in Ocala, Gainesville, Sarasota, Tallahassee, and Orlando. After the auditors’ presentation and
5) The board received a briefing from
4) In light of the need for maximum flexibility and speed in responding to sudden changes in the gaming marketplace, particularly due to the COVID-19 pandemic, the board approved a motion granting the executive committee the authority to review and approve future Awards Plan amendments if the circumstances dictate.
Warren Husband (FTBOA general counsel) regarding the cessation of horse racing under Calder’s pari-mutuel permit.
7) The board received a briefing from first vice president/charity chair Valerie Dailey on the success of the first virtual auction for Florida Thoroughbred Charities and the positive outcome of the toy drive for the Boys and Girls Club. 8) The board received a briefing from Tammy Gantt, associate vice president membership services/events, regarding membership renewals, which will be sent via e-mail instead of regular mail. The goal is to offer an online payment option for members and to reduce mailing expenses. She also highlighted board member Laurine Vargas’ event — the Florida Thoroughbred Transformational Expo -– held at the Florida Horse Park, Dec. 1113, which has grown from the previous year. ■
